Reno is in another seller’s market! Find out what this means when you sell a home in Reno, and how you can make the market work for you by avoiding the costly mistakes most sellers make.

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How do you find the right home in the right location?

Population 180,480	Median Age 34.5 yrs	Household Size: 2.38
Avg Home Value: $158,700	July High: 90.0°F	January Low: 21.5°F

 

Sell a Home in Reno

Few are confused as to the reason for Reno’s tight real estate market. The economic and cultural center for northern Nevada, Reno is located on the eastern slope of the Sierra Nevada Mountains, and the residents enjoy a high quality of life. With a low unemployment rate, a warm desert climate, and all the entertainment available in the Nevada community, residents rarely leave, and out-of-state individuals are flocking to the area to proper from the lucrative Reno real estate market.

Reno is currently in the midst of an impressive seller’s market. What does that mean for a homeowner considering selling his or her home? Little competition, a smooth selling process, and high demand for your property. Experts say that if you want to sell a home in Reno, now is the time, and you are promised a rewarding profit.

Reno economists have predicted that Reno’s low home interest rates are going to rise, potentially slowing down the market and limiting the number of buyers. Recently, Reno homes have benefited from a home appreciation rate of 1-2% a month, on average. Rates like that don’t continue long-term, and the seller’s market is estimated to level out soon.

However, even in a seller’s market like this one, there are costly mistakes a lot of sellers make that should be avoided if you want to sell a home in Reno:

1. Spending substantial time and funds in renovation just prior to the resale.

Major home renovations rarely increase the market value of the property in relation to the amount spent to make the adjustments. The effort and financial investment of remodeling is often wasted; however, if you are still considering renovations, there are some that return a higher investment than others:

• A minor kitchen remodel yields an 87% investment return, on average
• A two story addition to a home yields an 83% investment return
• Bathroom addition is an 81% return
• Major kitchen and bathroom remodeling both yield an 80% return

Experts agree that the most profitable venture is to paint, clean, and fix up your home. Also recommended is getting new carpets and adding to the visual appeal of the landscaping.

2. Deciding to sell a home in Reno without a qualified real estate agent.

Realtors are responsible for an incredible amount of work in addition to finding a buyer. Realtors help you to properly understand the contracts, inspection and appraisal reports, and find a qualified appraiser. Selling a home is an extensive legal process, and is one in which most sellers are unfamiliar with. The law changes regularly and the best way to prevent making expensive errors is to find an agent familiar with the laws and procedures, and to help make the negotiations work in your favor.

3. Overpricing or underpricing your home.

When sellers price their homes too low, they lose thousands of dollars in the negotiations, and when they price too high, they lose time and money while their home remains on the market.

Luckily, for those who hope to sell a home in Reno, the process should be simple and relatively stress-free. The ideal seller’s market conditions will aid you in making a great profit through the sale of your Reno home.

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®